Statement: 24th Licensing Round
Thursday 1 February 2007
Statement: 24th Licensing Round
UKOOA welcomes the DTIs announcement today of awards in the 24th Licensing Round for North Sea oil and gas
Malcolm Webb, UKOOA's chief executive said: "It is good to see continued interest in the North Sea.
"What is key, however, is how these licences will convert into exploration and development activity. To do that we will need to remain competitive and maintain investment in the face of severe upward pressure on costs and resource constraints".
UK oil and gas reserves have yielded a total of 36 billion barrels of oil equivalent (boe) over the past 40 years, with up to a further estimated 25 billion boe still to recover. The industry has spent approximately £340 billion (in todays money) in offshore oil and gas exploration, development and production around the British Isles and UKOOA believes that a sum approaching that figure again will be required to recover the reserves that remain.
Mr Webb added: "Cost inflation and resource constraints are global phenomena faced by the industry in oil and gas basins all over the world. However, this only serves to highlight that the UKCS, as one of the worlds more mature basins, needs to keep its eye firmly on its competitive position if it is to win future investment."
For more information, please call 020 7802 2400.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
